Coventry announces changes to buy-to-let terms

23-Jan-2007

The Coventry Building Society has announced a number of revisions to its buy-to-let borrowing criteria, which may interest first time buyers looking to invest.

First time buyers and repeat purchasers considering the potential rewards of becoming a landlord may benefit from a reduction in the building society's rental income requirements to 120 per cent for borrowing over a loan-to-value (LTV) of 65 per cent.

Borrowing below a LTV of 65 per cent does not possess a minimum income requirement.

To find out how to get onto the property ladder by buying to let in a different location click here.

"We are committed to this specialist and dynamic sector of the market and enhancing our lending policy only demonstrates this further," said Julie Jones, head of intermediary sales at the Coventry.

"We will continue to remain competitive through both our policy and products and believe these improvements will give greater flexibility to our introducers and their buy-to-let clients," she added.

As part of its package of changes, the building society has also reduced its minimum age requirement from 25 to 21, in addition to reducing the minimum amount of time that an applicant is required to be employed to three months.

The Coventry Building Society also offers a range of mortgages specifically for first time buyers, with interest rates starting from 5.35 per cent.

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